Starting a small business is becoming common practice among Canadian entrepreneurs
Canadians can flip through a phonebook or online business directory and easily see that the number of Canadian small businesses is growing. A report from the Vancouver Sun says that Canadian entrepreneurs have increasingly moved toward self-employment in the midst of economic turmoil.
The self-employed in Canada currently stand at about 2.7 million people, says the source. Government officials want to continue to encourage the startup trend. The source reports that the Canadian Federation of Independent Business is working with the federal government on initiatives that will allow multi-employer pension plans for startup businesses.
Additionally, banks are paying more attention to the small business sector. Alec Morley, senior vice president of small business banking at TD Trust Canada, told the source SME's business is "important not just for the bank's own success, but also because it's such a huge contributor to wealth and job creation."
Now, economists wonder if the increasing entrepreneurial pursuits aren't part of a more permanent shift in the Canadian workforce.
Nonetheless, there seems to be a strong correlation between increased business formations and economic hard times. According to Statistics Canada, total Canadian self-employment levels rose about 8 percent from 2006 to 2009.
